The Global Home Medical Equipment Market accounted for US$ 33,254 Mn in 2021 and is expected to reach US$ 55,912 Mn by 2030 with a considerable CAGR of 6% during the forecast timeframe of 2022 to 2030.

Home medical equipment refers to medical gadgets that are designed for use outside of a professional healthcare facility. People are now welcoming medical devices into their homes as a result of increased stress in healthcare systems. Stress can be exacerbated by massive fees, inadequate guidance, or dealing with emergency situations outside of the hospital. One of the best ways to avoid these conditions is to keep disease-related medical equipment on hand, whether at home or work. Diabetes, asthma, cancer, arthritis, and other chronic diseases necessitate routine examinations and treatment. However, home medical equipment will be extremely useful in monitoring medical conditions on a daily basis. As a result, patients are no longer required to spend their entire stay in hospitals or clinics.

Drivers

·         The rise in chronic diseases such as respiratory issues

·         Increase in the number of elderly people

·         Growing adoption of self-health management

Restraints

·         High prices and stringent guidelines

·         Changing reimbursement policies and limited insurance coverage

Opportunity

·         Technological advancements such as wearable devices, mobile health applications, etc

·         Various government initiatives to promote home healthcare

Report Coverage

Home Medical Equipment Market Dynamics

The increasing cases of several chronic conditions such as cancer, diabetes, and heart attacks, as well as the growing burden on medical facilities worldwide, are driving the growth of the global home medical equipment market share. Furthermore, healthcare spending has increased, and home medical equipment provides a range of benefits, including the ability to measure chronic conditions, cut the price of expensive treatments, and avoid unnecessary circumstances in an emergency. These are some of the key factors driving the market's demand for home medical equipment. Furthermore, growth in R&D activities and different technological developments for the creation of products with enhanced features are going to accelerate the growth of the home medical equipment market during the forecast period. Besides this, the contributing factors impeding the growth of the global home medical equipment market include limited coverage of medical equipment under insurance and growing concerns about patient safety due to a scarcity of home care staff.

Home Medical Equipment Market Segmentation

Market by Equipment Type

·         Therapeutic Equipment

o   Dialysis Equipment

o   Respiratory Therapy Equipment

o   Intravenous Equipment

o   Other Therapeutic Equipment

·         Patient Monitoring Equipment

o   Telemedicine Patient Monitoring Equipment

o   Conventional Monitors

·         Mobility Assist and Patient Support Equipment

o   Mobility Assist Equipment

o   Bathroom Safety Equipment

o   Medical Furniture

In terms of equipment type, therapeutic equipment held the largest market share in 2021. Therapeutic equipment can be designed for both adults and children. Pediatric therapeutic devices were created with small hands in mind, or to fit a child's small physical frame. Current developments in therapeutic equipment include aquatic devices designed to be used in water and respiratory therapy equipment designed to assist patients with respiratory issues. Ultrasound therapy helps to stimulate tissue to help in the recovery of tendon or ligament injuries. Furthermore, the increasing adoptions of insulin delivery devices due to the increasing number of diabetic patients, as well as the rapid adoption of dialysis devices and chronic wound products by patients around the world, are key factors driving the growth of the market in this segment. Furthermore, an increase in the development of technologically advanced therapeutic products is a major factor driving the market's growth during the forecast period.

Market by Distribution Channel

·         Retail Medical Stores

·         Hospital Pharmacies

·         Online Retailers

Based on the distribution channel, retail medical stores are expected to hold the largest market shares in 2021. The growing prevalence of chronic diseases such as diabetes, hypertension, cardiovascular disease, and cancer, which require long-term medication, is expected to drive growth in the retail medical store segment during the forecast period. Pharmaceuticals are becoming more affordable as public healthcare expenditures rise, fueling the retail medical store segment, particularly in rural and tier-II cities. Additionally, The retail medical store segment is expected to expand in the near future as a result of an aging and rising population, rising living standards, emerging health conditions, and the introduction of various chronic diseases, all of which contribute to the increased demand for various medicinal products. 

Furthermore, the COVID-19 pandemic has accelerated growth in both traditional pharmacy retail outlets and online pharmacy retail channels. Medical retail outlets were classified as essential services around the world, but due to the virus's fear, online retail pharmacies have emerged as the most dynamic channel for obtaining drugs and devices. As a result, the online retail store is expected to expand significantly over the next few years.

Home Medical Equipment Market Regional Overview